House prices could drop by upto 15% as loan rates rise sharply

Mortgage providers have begun raising interest rates to levels not seen since the financial crisis as economists warned that growing borrowing costs would trigger a steep fall in house prices.

HSBC and Santander suspended new mortgage deals yesterday. Nationwide became the first big lender to increase fixed-rate deals, with its two-year rate rising to 5.59 per cent. Three months ago it offered a comparable mortgage at 2.54 per cent.

The increase is equivalent to a family with a £500,000 mortgage spending an extra £881 a month on repayments.

Other lenders are expected to follow suit amid predictions that the Bank of England could raise the base rate as high as 6 per cent next year. Mortgage brokers said some higher loan-to-value deals could be pulled entirely because of concerns about affordability and the stability of the property market.

Huw Pill, chief economist at the Bank of England, said there would … Read more

4 Business Components That Are at Risk of Cyber Security Attacks in 2022

In 2022, businesses are going to be at more risk of cyber security attacks than they have ever been. This is because there are more devices connected to the internet than ever before – and as these devices become more sophisticated, they also become more vulnerable.

The number of people using mobile devices for work continues to rise, and this means that employees have access to company data from anywhere in the world. This can be a great benefit for businesses, but it also means that it’s easier for hackers to get into the system.

In 2022, we expect to see more cyber-attacks than ever before. This could be because the number of security vulnerabilities continues to grow, and more people have access to the internet. Or it could be because criminals are developing new tools and techniques to use against companies and individuals alike.

Emails and Private Messages

A … Read more

England Grapples With ‘Doom Loop’ As Currency Hits New Lows

England is struggling with what’s being called a “doom loop” as stock markets sink and the British pound

falls to new all-time lows against the U.S. dollar.

The market meltdown comes after new British Prime Minister Liz Truss’s government announced a series

of tax cuts to help citizens struggling with high energy prices and other inflationary pressures.

The British pound hit an all-time low against the U.S. dollar on Monday (September 26), falling below

$1.04 U.S., while the British 10-year bond yield rose to its highest level since the 2008 financial crisis.

The Bank of England said it is monitoring market developments and would not hesitate to hike interest

rates to return inflation to its 2% target, an announcement that further pressured markets.

Truss announced late last week widespread tax cuts not seen in Britain since 1972. The tax cuts set the

U.K. at odds with other developed economies that … Read more

A public inquiry has begun into London Luton Airport’s expansion plans

Luton Borough Council, whose company Luton Rising owns the airport, approved the growth plans in December.

The separate private company that runs the airport, London Luton Airport Operations Limited (LLAOL), applied to increase passenger capacities from 18 million to 19 million per year and to amend the noise contours.

The government said an inquiry should review the main aspects of development.

Three inspectors are expected to participate during the inquiry, Richard Clegg, Sheila Holden and Geoff Underwood, the Local Democracy Reporting Service said.

A pre-inquiry meeting was held by the inspectors in the Council Chamber at Luton Town Hall in July to outline the management of the process.

The agenda included seven areas they considered to be the main aspects of the application, which were air quality, climate change, the impact of noise, sustainability, socio-economic implications, the influence of other considerations on the overall planning balance, and whether it would … Read more